Global Boron Carbide Market 2025 – 2034

Reports Description

The global boron carbide market size was estimated at USD 141.8 Million in 2021 to USD 149.21 Million in 2022 and is expected to hit around USD 202.18 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.55% from 2022 to 2030.

Boron carbide is a crystalline compound of boron and carbon. It is the hardest material known after diamond and cubic boron nitride. It is used in abrasive and wear-resistant products, in lightweight composite materials, and in control rods for nuclear power generation. Its strength ability is to withstand an applied load without failure or plastic deformation.

Boron carbide is also used as ballistic armor along with other materials, resulting in properties like high hardness, high elastic modulus, and low density which provides extraordinary unique stopping power against high-velocity projectiles. Boron Carbide has antimicrobial protection properties due to which they are used in cooling towers in power plants, mining, swimming pools, tank armor, bulletproof vests, engine sabotage powders, and other industrial applications.

Growth Factors

The growing use of Boron Carbide in nuclear reactors will aid market growth

Boron carbide has the ability to absorb neutrons without producing long-lived radio nuclides makes thereby making it attractive as a neutron absorbent in nuclear power plants. Some applications of Boron Carbide are used in a nuclear reactor as control rod shut down pellets and insulation. Currently, there are 440 nuclear power reactors operating in 32 with a combined capacity of about 390 GWe.

Globally, Nuclear power capacity is steadily growing with 55 reactors under construction in 19 countries, covering India, Russia, China, and the United Arab Emirates. As per World Nuclear Association, the majority of plants are planned for the Asia Pacific region. Moreover, plant lifetime extension programs are going on in the USA to maintain capacity. Thus, the growth of nuclear reactors will drive demand for boron carbide in the upcoming years.

Boron Carbide Market – Segmentation Analysis

Boron Carbide Market, segmented by Grades

Depending upon the grades, the boron carbide market is segmented into abrasive and nuclear and defense-grade

The abrasive segment dominated the market in 2020 and is expected to grow over the forecasted period. Boron carbide coating is widely used in lapping and polishing applications owing to its high strength. It is also used as a loose abrasive in multiple cutting applications, such as water jet cutting, grit blasting, and slurry pumping.

In addition, abrasive boron carbide is considered to be an ideal material for dressing diamond tools. However, the nuclear & defense grade segment is expected to grow at a moderate rate during the forecast period. Boron Carbide is mostly used in nuclear applications such as protection and other shielding applications so that it can absorb neutrons emitted from the nuclear reactor.

The continuous increase in demand for new nuclear reactors used for commercial and defense purposes such as naval vessels, and in the submarine sector will add to market demand for nuclear and defense-grade boron carbide

Boron Carbide Market, segmented by Type

With respect to type, the boron carbide market is categorized into powder, paste, and grains. The grains segment is the largest segment and is expected to be in a dominant position during the forecast period. Boron carbide grains are used in applications that cover metal-matrix composites, lapping, and flux-cored wires for build-up welding.

Boron Carbide Market, segmented by Application

Based on application, the global boron carbide market is studied across industries, grinding, lapping, polishing, nuclear, defense, body armor, and vehicle armor.

The nuclear application dominates the boron carbide market and is expected to remain the dominant segment during the forecast period. The increase in the demand for boron carbide in avenues, defense, aerospace, nuclear, automotive, and others has escalated the growth of the boron carbide market. In addition, the demand for boron carbide has increased in protective ceramics materials.  Rising import & export trade activities among countries have propelled the growth of the boron carbide market.

Furthermore, in the European region, the nuclear industry is expected to grow owing to a rise in the economy, and an increase in demand for electricity has surged the demand for boron carbide which is mainly used for radiation absorption purposes. For instance, according to a report published by International Energy Agency in 2021, nuclear power is set to increase by over 5% in 2021, with new reactors coming online in several countries, led by China and complemented by new reactors in India, United Arab Emirates, Pakistan, and Russia.

In addition, lapping and polishing applications segments are expected to increase the demand for boron carbide from the defense segment which will experience positive growth for lapping and polished application during the forecast period.

Report Scope

Regional Analysis

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the boron carbide market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China and Japan have significant contributions to the growth of the Boron carbide market in the APAC region.  Key factors for the growth in the APAC region are increasing in nuclear power plants; increasing defense spending and grading application.

Furthermore, boron carbide producers are implementing an inclusive range of advanced technologies in the production of boron carbide for optimizing the purity and boron content; this is driving the market during the forecast period. Moreover, Asian countries are using abrasive-grade boron carbide for ultrasonic boring since it can be used for boring almost any desired profile of brittle & hard materials. In addition, metal fabrication industries are growing in the Asia-Pacific region which is driving the boron carbide market growth during the forecast period.

North America is expected to hold the second-highest revenue share in the global boron carbide market, due to the high adoption of boron in the defense sector for the production of anti-ballistic weapons.  In addition, the defense industry is expected to grow during the forecast period owing to the rise in war among nations, political disputes, and to make powerful nations each country is contributing to the defense industry which ultimately boosts the demand for boron carbide across the globe.

Key Market Developments in the Boron Carbide Market

The report provides the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions. Manufacturers are rapidly engaged in new product development and acquiring firms in an attempt to broaden their strengthen brand image and geographical presence. Some of the key market developments that happened in the boron carbide market are given below.

• Samsung, South Korea based multinational electronics corporation announced in Feb 2022 its focus on using boron carbide to replace silicon carbide in its focus rings due to the durable property nature of boron carbide against plasma and high temperature. These newly developed focus rings will be utilized in wafer fabrication during the etching process.
• Kyocera Corporation has acquired the AVX. The latest acquisition has strengthened the position of Kyocera Corporation in the global boron carbide market.

COVID-19 Analysis

 The COVID-19 pandemic has negatively affected the overall market and supply chain. Disruption of the supply and demand for raw materials due to lockdowns and stringent government laws limited production, consequently negatively impacting production facilities worldwide. The shutdown of manufacturing industries is the major reason for the slowdown in demand for boron carbide during 2020-2021. However, the vaccination programs and lifting of lockdowns are expected to propel the boron carbide market growth during the coming years

This Boron Carbide market report provides details of new recent developments, trade regulations, Porter’s five forces analysis, value chain optimization, market share, the impact of domestic and localized market players, key opportunities, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, new product development, key innovators, geographic expansions, technological innovations in the market.

In the first quarter of COVID-19, there is a complete shutdown of transportation, logistics & supply chain activity, and manufacturing activities has hampered the boron carbide market growth in April 2020.

Segments Covered in the Boron Carbide market report;

By Grade

• Abrasive Grade
• Nuclear &Defence Grade

By Type

• Powder
• Paste
• Grains

By Application

• Industrial
  • Grinding
  • Lapping
  • Polishing
  • Others
• Nuclear
• Defense
  • Body Armor
  • Vehicle Armor

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America